Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
FinCEN issues new 314(b) sharing information
In prepared remarks at the American Bankers Association/ American Bar Association Financial Crimes Enforcement Conference, Kenneth Blanco, FinCEN Director, announced that FinCEN was issuing important guidance clarifying how financial institutions may fully utilize FinCEN’s 314(b) information sharing program. A new 314(b) Fact Sheet was issued yesterday as the result of the feedback provided by financial institutions and through our own experiences at FinCEN. It is intended to clarify in greater detail the circumstances where 314(b) applies, with the hope of enhancing participation and utility of the 314(b) program. [FinCEN rescinded previously issued guidance (FIN-2009-G002) and a former administrative ruling (FIN-2012-R006) with the publication of the new Fact Sheet.]
The main themes of the 314(b) Fact Sheet are:
- Financial institutions may share under Section 314(b) information relating to activities that they suspect may involve possible terrorist financing or money laundering. This includes, but is not limited to, information about activities they suspect involve the proceeds of a specified unlawful activity (SUA). Importantly, our guidance clarifies that:
- Financial institutions do not need to have specific information that these activities directly relate to proceeds of an SUA, or to have identified specific proceeds of an SUA being laundered.
- Financial institutions do not need to have made a conclusive determination that the activity is suspicious.
- Financial institutions may share information about activities as described, even if such activities do not constitute a “transaction.” This includes, for example, an attempted transaction, or an attempt to induce others to engage in a transaction. This clarification is significant and addresses some uncertainty with sharing incidents involving possible fraud, cybercrime, and other predicate offenses when financial institutions suspect those offenses may involve terrorist acts or money laundering activities.
- In addition, the guidance notes that there is no limitation under Section 314(b) on the sharing of personally identifiable information, or the type or medium of information that can be shared (to include sharing information verbally).
- An entity that is not itself a financial institution under the Bank Secrecy Act may form and operate an association of financial institutions whose members share information under Section 314(b). Notably, this includes compliance service providers.
- An unincorporated association governed by a contract among the group of financial institutions that constitutes its members may engage in information sharing under Section 314(b).
Director Blanco also discussed FinCEN’s COVID-19 Response, Expansion of Rapid Response Program, Guidance to Financial Institutions, FinCEN Advisories, Medical Fraud, Imposter Scams and Money Mules, Cybercrime and Cyber-Enabled Crime , Unemployment Insurance Fraud, Charities Fact Sheet, COVID-related SAR Filings, Rulemakings, and Stakeholder Engagement.